Dealers in the United States are gearing up for a surge in car-buying activity as the tax-return season approaches, according to Cars.com.
The company recently released its March Industry Insights Report, which found that U.S. dealers increased their new car inventory almost 9 per cent month-over-month due to their anticipation that consumers will be spending more money during this period. Consumer searches for new cars climbed nearly 4 per cent.
“This increased activity indicates a strong consumer readiness to utilize tax refunds for vehicle purchases,” said Rebecca Lindland, Senior Director of Industry Data and Insights at Cars Commerce, in a statement. “In particular, we are seeing electric vehicle inventory on the rise, and with prices on a downward trend, now might be an opportune time to consider an EV.”
In a news release, Cars.com said Toyota was among the fastest-selling new-car brands, with a 32 day turn; Cadillac is another, with 44 days to turn. Both brands are well below the 65-day industry average. The latter brand’s XT4, LYRIQ and Escalade helped it take the top spot for the second month in a row, while the Subaru Solterra was the fastest-selling new EV thanks to a boost in inventory and heavy incentives from the OEM.
Overall, new vehicle prices have slipped and remain below US $49,000 for the second month in a row, inventory continues to improve, and use vehicle supply is up 5 per cent year-over-year — though still well below pre-pandemic market share levels.
